Credit ratings agency Moody’s revised Ghana’s outlook to “positive” from “stable” on Friday, citing an improvement in the country’s finances.
The gold-, oil- and cocoa-producing nation in West Africa is emerging from its most severe economic crisis in decades. During a to parliament last November, Finance Minister Cassiel Ato Forson said Ghana was poised for sustained growth in 2026.
“Domestic financing costs have declined amid monetary easing and an improved fiscal position, while the resumption of domestic bond issuances will, if sustained, gradually reduce rollover risk,” Moody’s said in its report.
The sovereign lifted restrictions on new domestic bond issuance in March and issued its first seven-year domestic bond in April, ending a pause implemented in 2023 following a debt default.
However, the agency maintained Ghana’s ratings at “Caa1”, reflecting continuing credit constraints and high susceptibility to exchange rate and commodity price volatility, especially with the ongoing Middle East conflict.
